Description: Securities class action against oatmilk company alleging greenwashing, among other misleading statements.
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In re Oatly Group AB Securities Litigation
Case Documents:
Filing Date Type File Action Taken Summary 08/11/2023 Complaint Download Third consolidated complaint filed. 06/01/2023 Order Download Motion to dismiss granted with leave to replead except that count asserting violation of §12(a) of the Securities Act dismissed with prejudice. Federal Court Dismissed Securities Class Action Against Oatmilk Company but Granted Leave to Replead Most Claims; Greenwashing Allegations Dropped in Most Recent Complaint. In a class action on behalf of purchasers of American Depositary Shares of the oatmilk company Oatly Group AB (Oatly), the federal district court for the Southern District of New York found that plaintiffs failed to plead a legally sufficient and plausible set of allegations conforming to the Private Securities Litigation Reform Act for violations of federal securities law. The plaintiffs had asserted in their second consolidated complaint that the Oatly defendants failed to disclose severe supply problems and declining market share in Oatly’s offering documents. Earlier pleadings had also asserted that Oatly overstated its sustainability practices, but the second consolidated complaint dropped the greenwashing allegations. The court granted the plaintiffs to replead their claims, except that the court dismissed with prejudice a count under Section 12(a) of the Securities Act of 1933. The court set a deadline of August 11, 2023 for the filing of an amended complaint. 12/05/2022 Reply Download Reply memorandum of law filed in support of defendants' motion to dismiss the second consolidated complaint. 11/09/2022 Opposition Download Opposition filed by plaintiff to defendant's motion to dismiss. 10/03/2022 Motion to Dismiss Download Memorandum of law filed in support of defendants' motion to dismiss the second consolidated complaint. 08/17/2022 Complaint Download Second consolidated complaint filed. 05/06/2022 Motion Download Unopposed motion filed by lead plaintiff for leave to file second consolidated complaint. 04/08/2022 Motion to Dismiss Download Memorandum of law filed in support of defendants' motion to dismiss. 03/04/2022 Complaint Download Consolidated amended complaint filed. 12/06/2021 Order Download Cases consolidated. 12/01/2021 Complaint Download Amended complaint filed. 10/26/2021 Order Download Court issued order dismissing the complaint and stating that amended complaints and motions to be appointed lead plaintiff and lead counsel were due December 1, 2021. 09/24/2021 Motion Download Motion for consolidation filed. 07/26/2021 Complaint Download Complaint filed. Federal Securities Actions Against Oatmilk Company Included Greenwashing Allegations. Two securities class actions filed in the federal district court for the Southern District of New York alleged that Oatly Group AB, the oatmilk company, and Oatly officials and directors made false statements and failed to disclose adverse facts that deceived the investing public and artificially inflated the prices of Oatly stock shares between the time of the company’s initial public offering in the United States in May 2021 and July 2021, when a short seller issued a report on “a number of improprieties at Oatly, including improper accounting practices and greenwashing (making the Company’s product appear more sustainable than it actually is).” The complaint alleged that Oatly’s statements in the registration statement filed with the Securities and Exchange Commission and in an investor presentation including misleading statements related to the greenhouse gas emissions and energy consumption associated with its product. -
Bentley v. Oatly Group AB
Case Documents:
Filing Date Type File Action Taken Summary 10/26/2021 Order Download Court issued order dismissing the complaint and stating that amended complaints and motions to be appointed lead plaintiff and lead counsel were due December 1, 2021. 09/24/2021 Motion Download Motion for consolidation filed. 07/30/2021 Complaint Download Complaint filed. Federal Securities Actions Against Oatmilk Company Included Greenwashing Allegations. Two securities class actions filed in the federal district court for the Southern District of New York alleged that Oatly Group AB, the oatmilk company, and Oatly officials and directors made false statements and failed to disclose adverse facts that deceived the investing public and artificially inflated the prices of Oatly stock shares between the time of the company’s initial public offering in the United States in May 2021 and July 2021, when a short seller issued a report on “a number of improprieties at Oatly, including improper accounting practices and greenwashing (making the Company’s product appear more sustainable than it actually is).” The complaint alleged that Oatly’s statements in the registration statement filed with the Securities and Exchange Commission and in an investor presentation including misleading statements related to the greenhouse gas emissions and energy consumption associated with its product. -
Kostendt v. Oatly Group AB